Corporate tax collection grows 34 pc between April and July

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NEW DELHI: Corporate tax collection in the first four months of the current fiscal year has seen a growth of 34 per cent compared to the corresponding period of the last fiscal.

The Income Tax Department, in a series of tweets, said the corporate tax collections during FY 2021-22, at Rs 7.23 lakh crore, registered a growth of over 58 per cent as compared to the tax collection of FY 2020-21.  “Even when compared to collections of FY 2018-19 (pre-Covid period), the collections of FY 2021-22 are higher by over 9 per cent,” it said.

The IT Department said that the positive trend of growth continues, but for the overall impact of the Covid-19 pandemic during FY 2020-21, when the corporate tax collections took a temporary hit. “This indicates that the simplified tax regime with low rates and no exemptions has lived up to its promise,” the department said. (ANI)

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